The Iran ceasefire moved U.S. markets. It also lit up stock trades around the world.
South Korea led with a 6.9% jump in its Kospi. Japan's Nikkei surged 5.4%. Germany's DAX rose 4.7%. France's CAC 40 gained nearly 4%. Even the UK's FTSE 100 - usually the quiet one - climbed 2.3%.
The U.S. dollar index fell 1.2% on Wednesday. It dropped below 100 and wiped out its whole gain for the year.
When the dollar falls, foreign markets tend to rise. That's what happened. The iShares Emerging Markets ETF was on track for its best day since April 2025. South Korea's ETF alone jumped over 10%.
Chile, Taiwan, Turkey, the UAE, Mexico, Japan, and India all gained more than 5%.
EU airlines posted some of the day's biggest gains. Fuel is their second-biggest cost after wages. A 17% oil crash is like a sudden pay raise.
Copper futures gained 3%. Silver and platinum surged 7%. Even gold climbed 3%, which is unusual in a risk-on rally.
The rally was global, fast, and broad. But the ceasefire is only two weeks long. Missiles kept flying in the Gulf after the deal was announced. If the truce breaks, gains could reverse fast.
For now, investors everywhere are betting the worst of the Iran crisis is over.
